IS3350 CHAPTER 4

Question 1

Items that an individual purchases for personal, family or household use is called ___?

Answer 1

CONSUMER GOODS

Question 2

Services that an individual purchases for personal, family or household use is called ___?

Answer 2

CONSUMER SERVICES

Question 3

Any commercial practice that uses false or misleading claims to get customers to buy a product or service is called ___?

Answer 3

DECEPTIVE TRADE PRACTICES

Question 4

Any personally identifiable financial information that a consumer provides to a financial institution is called ___? This term is defined by the Gramm-Leach-Bliley Act.

Answer 4

NONPUBLIC PERSONAL INFORMATION (NPI)

Question 5

Obtaining unauthorized access to a customer’s sensitive financial information through false or misleading actions is called ___?
AKA social engineering.

Answer 5

PRETEXTING

Question 6

Any pattern, practice or activity that may indicate identity theft is called ___?
This term is defined by the Fair and Accurate Credit Transaction Act of 2003.

Answer 6

RED FLAG

Question 7

Any commercial practices that a consumer cannot avoid and the cause injury is called ___?

Answer 7

UNFAIR TRADE PRACTICES

Question 8

1. What are consumer goods?
2. Items purchased for personal use
3. Items purchased for family use
4. Items purchased for household use
5. All the above
6. None of the above

Answer 8

Items purchased for personal use
Items purchased for family use
Items purchased for household use

All the above

Question 9

2.Which rule is not a GLBA consumer protection provision?

1. The Safeguards Rule
2. The Red Flag Rule
3. The Privacy Rule
4. The Pretexting Rule
5. None of the above

Answer 9

The Red Flag Rule

Question 10

3. Which federal agency regulates national banks?
4. The Office of the Comptroller of the Currency
5. The Federal Reserve System
6. The Federal Deposit Insurance Corporation
7. The Office of Thrift Supervision
8. The Federal Trade Commission

Answer 10

The Office of the Comptroller of the Currency

Question 11

4. What is the organization that promotes uniform reports among federal banking institutions?
5. The Fed
6. The FFIEC
7. The FTC
8. The NCUA
9. The SEC

Answer 11

FFIEC

Question 12

5. What is a Red Flag?
6. A crime
7. An activity that prevents identity theft
8. An activity that might indicate identity theft
9. An activity that mitigates identity theft
10. None of the above

Answer 12

An activity that might indicate identity theft

Question 13

6. Pretexting is also called ___?

Answer 13

Social Engineering

Question 14

7. Which of the following is nonpublic personal information?
8. Personally identifiable financial information provided by a customer to a financial institution
9. Personally identifiable financial information provided by a financial institution to a customer
10. Personally identifiable financial information provided by a financial institution to an affiliate
11. Personally identifiable financial information provided by an affiliate to a financial institution
12. Personally identifiable financial information provided by an affiliate to a customer

Answer 14

Personally identifiable financial information provided by a customer to a financial institution

Question 15

8. A written information security program under the Safeguards Rule must include ___?
9. Technical safeguards
10. Physical safeguards
11. Administrative safeguards
12. A designated employee to run the program
13. All the above

Answer 15

Technical safeguards
Physical safeguards
Administrative safeguards
A designated employee to run the program

All the above

Question 16

9. The ___ established the national banking system in the United States.

Answer 16

National Bank Act of 1864

Question 17

10. What is the central bank of the United States?
11. The FDIC
12. The Fed
13. The NCUA
14. The OCC
15. The OTS

Answer 17

The Fed

Question 18

11. Which of the following is NOT a federal bank regulatory agency?
12. The FDIC
13. The NCUA
14. The FTC
15. The OCC
16. The Fed

Answer 18

The FTC

Question 19

12. What customer option must be included in a privacy practices notice?
13. Disclosure
14. Opt-out
15. Opt-in
16. Notice
17. None of the above

Answer 19

Opt-out

Question 20

13. The Payment Card Industry Standard includes ___ categories of security requirements.

Answer 20

12

Question 21

14. The Payment Card Industry Standards are enforced by the Federal Trade Commission.
    TRUE OR FALSE

Answer 21

FALSE

Question 22

15. What is a customer?
16. A consumer with a past relationship with a financial institution
17. A consumer with no relationship with a financial institution
18. A consumer with a continuing relationship with a financial institution
19. A consumer who wants to enter into a relationship with a financial institution
20. None of the above

Answer 22

A consumer with a continuing relationship with a financial institution